Baosteel(SH:600019) Zheng Quan Zhi Xing·2025-07-23 16:14Core Viewpoint - Baosteel Co., Ltd. plans to abolish its supervisory board and revise its Articles of Association in response to the new Company Law and regulatory requirements, aiming to enhance corporate governance and operational standards [1][2]. Group 1: Abolishment of Supervisory Board - The company intends to eliminate the supervisory board, allowing the Audit and Internal Control Compliance Management Committee of the board to assume the supervisory responsibilities as mandated by the Company Law [2][4]. - The decision to abolish the supervisory board was approved during the 55th meeting of the eighth board of directors held on July 22, 2025, and will be submitted for shareholder approval [2][3]. Group 2: Revision of Articles of Association - The revisions to the Articles of Association include improvements to general provisions, legal representative responsibilities, and share issuance regulations to protect the rights of the company, shareholders, employees, and creditors [3][6]. - Changes to shareholder and shareholder meeting regulations include reducing the minimum shareholding percentage required for certain rights from 3% to 1% and optimizing the procedures for convening shareholder meetings [3][6]. - The requirements for directors, the board of directors, and specialized committees have been enhanced, with the Audit and Internal Control Compliance Management Committee now responsible for the legal duties previously held by the supervisory board [3][6]. - The governance structure will be further refined by removing the supervisory board section and related rules from the Articles of Association [5][6]. - The company will also incorporate provisions for party building and strengthen employee democratic management in line with the new Company Law [5][6].